Group 1 - Qingdao Port's closing price on April 30 was 8.68 yuan, up 1.05%, with a rolling PE ratio of 10.59 times and a total market value of 56.343 billion yuan [1] - The average PE ratio for the shipping and port industry is 13.00 times, with a median of 14.04 times, placing Qingdao Port at the 10th position in the industry ranking [1] - As of the first quarter of 2025, 31 institutions held shares in Qingdao Port, including 22 funds, 6 others, 1 insurance company, 1 brokerage, and 1 social security fund, with a total holding of 492,844.41 million shares valued at 48.397 billion yuan [1] Group 2 - Qingdao Port International Co., Ltd. specializes in the loading and unloading of various goods such as containers, metal ores, coal, and crude oil, along with logistics and port value-added services [2] - The company has received numerous honors, including the National Quality Management Award and recognition as a "Green Port," and has been identified as one of the five exemplary world-class ports by the Ministry of Transport [2] - In the first quarter of 2025, the company reported revenue of 4.807 billion yuan, a year-on-year increase of 8.51%, and a net profit of 1.402 billion yuan, up 6.51%, with a gross profit margin of 38.57% [2]

Investment Rating - The investment rating for Qingdao Port (601298) is "Buy" [1] Core Views - The report indicates that Qingdao Port's first-quarter performance in 2025 shows a 6.51% year-on-year increase in net profit attributable to shareholders, reflecting stable operations and a positive outlook for future dividend capabilities [2][4] - The company's cargo throughput reached 177 million tons in the first quarter of 2025, representing a 2.9% year-on-year growth, benefiting from resilient demand in the hinterland [3][4] - The report highlights that the container throughput increased by 7.2% year-on-year, supported by the robust export demand from Shandong Province, which saw a 3.5% increase in export value [4] - The company maintains a strong dividend policy, with a projected cash dividend not less than 40% of distributable profits, leading to an estimated dividend yield of 4.0% based on the closing price on April 29, 2025 [4] Financial Summary - For the first quarter of 2025, Qingdao Port achieved an operating revenue of 4.807 billion yuan, up 8.51% year-on-year, and a net profit of 1.402 billion yuan, up 6.51% year-on-year [4] - The report forecasts that from 2025 to 2027, the company will achieve operating revenues of 19.475 billion, 19.998 billion, and 20.542 billion yuan, with year-on-year growth rates of 2.82%, 2.69%, and 2.72% respectively [4][6] - The projected net profit attributable to shareholders for the same period is 5.517 billion, 5.804 billion, and 6.095 billion yuan, with corresponding year-on-year growth rates of 5.38%, 5.21%, and 5.02% [4][6] - The report estimates the earnings per share (EPS) to be 0.85, 0.89, and 0.94 yuan for 2025, 2026, and 2027 respectively, with price-to-earnings (P/E) ratios of 10.11, 9.61, and 9.15 [4][6]

Investment Rating - The investment rating for Qingdao Port (601298) is "Buy" [1] Core Views - The report highlights that Qingdao Port's first-quarter performance in 2025 shows a 6.51% year-on-year increase in net profit attributable to shareholders, indicating stable operations and a positive outlook for future dividend capabilities [2][4] - The company's cargo throughput reached 177 million tons in the first quarter of 2025, reflecting a 2.9% year-on-year growth, outperforming the industry due to resilient demand from the hinterland [3][4] - The report emphasizes the strong growth in container throughput, which increased by 7.2% year-on-year to 8.22 million TEUs, supported by robust export demand from Shandong Province [4] - The company is expected to maintain a high dividend payout ratio, with a projected dividend yield of 4.0% based on a 40% payout ratio of distributable profits [4] Financial Performance Summary - In Q1 2025, Qingdao Port achieved an operating revenue of 4.807 billion yuan, a year-on-year increase of 8.51% [4] - The net profit attributable to shareholders for Q1 2025 was 1.402 billion yuan, reflecting a 6.51% increase compared to the previous year [4] - The report forecasts that from 2025 to 2027, the company will achieve operating revenues of 19.475 billion, 19.998 billion, and 20.542 billion yuan, with year-on-year growth rates of 2.82%, 2.69%, and 2.72% respectively [4][6] - The projected net profit attributable to shareholders for the same period is expected to be 5.517 billion, 5.804 billion, and 6.095 billion yuan, with growth rates of 5.38%, 5.21%, and 5.02% respectively [4][6]

Core Viewpoint - The draft regulation for promoting the marine economy in Qingdao emphasizes the need for the development of high-end, intelligent, unmanned, and green marine vessels and engineering equipment, aiming to enhance the overall capabilities in design, manufacturing, and system integration [1] Group 1: Industry Development - The government is encouraged to promote the high-end, intelligent, unmanned, and green development of marine vessels and engineering equipment [1] - There is a focus on improving the design, manufacturing, system integration, and general contracting capabilities of marine vessels and engineering equipment [1] - The regulation aims to enhance the construction capabilities for deep-sea oil and gas development equipment [1] Group 2: Port and Infrastructure - Support for integrated port development is highlighted, with an emphasis on optimizing port infrastructure [1] - The regulation aims to expand the maritime route network and improve the comprehensive transportation system [1] - The transformation of Qingdao Port into a hub port, trade port, and financial port is promoted, along with the construction of an international shipping center [1]

Investment Rating - The report maintains a "Buy" rating for Qingdao Port, indicating an expected relative return of over 20% within the next six months [4][6][27]. Core Views - Qingdao Port is positioned as the largest foreign trade port in northern China, with a strong growth trajectory in cargo throughput and a robust dividend policy [1][3]. - The company is expected to benefit from the adjustment of its restructuring plan, which involves a cash acquisition of high-quality oil product assets, enhancing its earnings per share (EPS) by 6.07% [2][4]. - The financial metrics indicate a low price-to-earnings (P/E) ratio of 10.7, coupled with a high return on equity (ROE) of 13%, suggesting significant long-term investment value [3][4]. Financial Performance and Projections - Revenue is projected to grow from 18,173.13 million yuan in 2023 to 21,259.96 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 3.02% [5][21]. - The net profit attributable to the parent company is expected to increase from 4,923.32 million yuan in 2023 to 5,915.14 million yuan in 2027, reflecting a steady growth trend [5][21]. - The report anticipates a stable growth in cargo and container throughput by 2025, driven by the company's strategic initiatives and external demand resilience [1][2]. Valuation Metrics - The report highlights that Qingdao Port's P/B ratio is projected to decrease from 1.38 in 2023 to 1.05 in 2027, indicating a favorable valuation compared to its peers [5][21]. - The company maintains a high dividend payout ratio, averaging 44% from 2018 to 2024, which supports its investment attractiveness [3][4].

Investment Rating - The report maintains a "Buy" rating for Qingdao Port, indicating a positive outlook for the stock over the next six months [4][6][28]. Core Views - Qingdao Port is positioned as the largest foreign trade port in Northern China, with a strong growth trajectory in cargo throughput and a robust dividend policy. The company is expected to benefit from the construction of a Northeast Asia international shipping hub and resilient external demand [1][3]. - The adjusted restructuring plan involves a cash acquisition of high-quality oil product assets, which is projected to enhance the company's earnings per share (EPS) by 6.07% despite a slight dilution in return on equity (ROE) [2][4]. - The company exhibits a low price-to-earnings (P/E) ratio of 10.7, which is below many peers, combined with a high ROE of 13% and a consistent dividend payout ratio averaging 44% from 2018 to 2024, highlighting its long-term investment value [3][4]. Financial Data and Valuation - Revenue is projected to grow from 18,173.13 million yuan in 2023 to 21,259.96 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 3.02% [5][21]. - The net profit attributable to the parent company is expected to increase from 4,923.32 million yuan in 2023 to 5,915.14 million yuan in 2027, reflecting a steady growth trend [5][21]. - The company's P/E ratio is forecasted to decrease from 11.33 in 2023 to 9.43 in 2027, indicating improving valuation metrics over time [5][21]. Market Position and Performance - Qingdao Port's cargo and container throughput is anticipated to maintain stable growth through 2025, supported by ongoing port integration and a favorable cargo structure [1][2]. - The company has a strong financial position with a low debt-to-asset ratio of 26.03%, indicating a solid balance sheet and capacity for future growth [6][21].

证券简称：青岛港 证券代码：601298 公告编号：临 2025-021 青岛港国际股份有限公司 关于变更证券事务代表的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 因个人原因，杜金儒女士于 2025 年 4 月 29 日向青岛港国际股份有限公司（以 下简称"公司"）董事会递交书面辞任报告，提出辞去公司证券事务代表职务， 其辞任自辞任报告送达公司董事会时生效。辞任后，杜金儒女士仍在公司担任其 他职务。 2025 年 4 月 29 日，公司第四届董事会第二十七次会议以通讯表决书面议案 的方式，通过了《关于变更青岛港国际股份有限公司证券事务代表的议案》，同 意聘任娄盈盈女士为公司证券事务代表，其任期自董事会通过之日至第四届董事 会任期届满。娄盈盈的履历请详见本公告附件。 公司证券事务代表娄盈盈女士的联系方式如下： 联系地址：山东省青岛市市北区港极路 7 号山东港口大厦 联系电话：0532-82983087 传 真：0532-82822878 电子邮箱：louyy.db@qdport.com 特此公告。 青岛港国际股份有限公 ...

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